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“In their trust they leave each other their share upon death and then I would be trustee when my last parent dies. I’m really concerned about this whole deal.” A son has contacted an elder law estate planning attorney now that mom is in a nursing home and he’s unsure about many of the planning […]

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There are pros and cons to trusts and it is wise to know about them. Revocable trust and irrevocable trusts are excellent tools to be used in estate planning and the key is knowing when and how to use them, according to kake.com in “How an Irrevocable Life Insurance Trust (ILIT) Works“. Revocable trusts tend […]

extended family

Should inheritance be spent on sports cars and jewelry? Protecting your children from frittering away an inheritance is often done through a spendthrift trust but that trust can also be used to protect them from divorce and other problems that can come their way, according to Kiplinger in “How to Keep Your Heirs from Blowing […]

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If you decide on a trust, which one is best? The question of whether you need a trust or not in your estate plan is best answered after a discussion with an estate planning attorney. However, here is some preliminary guidance from U.S. News & World Report in “8 Things to Know About Trusts“. Revocable […]

last will and testament

A periodic review will also give you an idea of any changes that are necessary. A will is certainly something that should be completed. However, it isn’t a document to put on the shelf and forgotten because, as your life and government laws change, so should your will, according to The Item in “Don’t wait […]

extended family

Protect your assets from being mishandled. As you prepare an estate plan, consider creating trusts to protect assets through the generations, according to the Times Herald-Record in “Leaving inheritances to trusts puts you in control“. For many parents, the inheritance equation is simple. They leave their estate to their children “per stirpes,” which in Latin […]

couple running a bookshop

Trusts have been around for a very long time and it is important to understand how they work. A trust can be quite complicated. That is why you need good legal representation in order to use one properly, according to the Pittsburgh Post-Gazette “Do I need a trust?“. Trusts are created using a tailored trust […]

colorful art

It sounds financial but it isn’t. It is all about the person’s behavior in the relationship. A fiduciary relationship is a legal relationship that includes responsibilities that can be enforced and it is important to look closely at it, according to the Denton Record-Chronicle What is the “F” word?“. In a fiduciary relationship, whether between […]

extended family

Knowing the difference between a will and a trust is crucial, as well as how they will work for you as estate planning tools. Estate planning is unique to the particular circumstances of the individual or family. However, the two different tools that often come to the forefront are wills and trusts, according to nwitimes.com […]

man on a wheelchair

A special needs trust is restrictive and the third-party trustee sometimes needs to be replaced. It can be quite challenging for the beneficiary to replace the trustee. If a special needs trustee is not up to the job or intentionally mishandles the trust, it can be difficult for the beneficiary to change the trustee, according […]